In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on Vail Resorts (NYSE: MTN), and raised its price objective from $57.00 to $65.00.

BofA Merrill Lynch noted, “We believe MTN shares are undervalued after its business model has been tested through both the financial crisis and a very weak snow year in FY2012. Despite snowfall down -51% last year, EBITDA only fell -2% as MTN continues to exert pricing power in season passes, at the window, and on ancillary items. We think earnings volatility is lower going versus historical levels, and we believe both earnings and the multiple should benefit.”